Market Moment

Glen Eagle®: America’s Women-Owned Trading Desk®  

2/12/2024

  • Large corporations are increasingly using layoffs as a standard operating practice that can be used even when there is no recession. An astounding 58% of the Fortune 100 companies announced layoffs last year and another 5% announced job cuts in the first month of 2024. 1
  • A recent survey found that 46% of American adults and 58% of people earning more than $150,000 per year would pass on debt to their loved ones if they died today. Of those who said their loved ones would inherit their debts if they died, 21% had no life insurance. 2
  • This January the stock market rose 1.6%. Since WWII, when the S&P 500 has risen by at least 1.5% in January, its median yearly performance has been a 13.4% gain, with positive returns 82.5% of the time. *2
  • Used car prices have fallen 21% from their all-time high in December 2021, and data shows that the value of a used Tesla has dropped 49% from a high of $67,900 in July 2022 to $34,883. 2


  1. Bloomberg Opinion - "Layoffs Are Now an Ingrained Part of the Economy"
  2. MFS - "Beyond the News"

*Past performance is not indicative of future performance


Economic Calendar

 

Monday:

Fed Gov. Michelle Bowman speaks, Minneapolis Fed President Neel Kashkari speaks, Monthly U.S. federal budget (Jan)


Tuesday:

Consumer price index (Jan), Core CPI (Jan), CPI year over year, Core CPI year over year

 

Wednesday:

Chicago Fed President Austan Goolsbee speaks, Fed Vice Chair for Supervision Michael Barr speaks


Thursday:

Initial jobless claims (Feb), Empire State manufacturing survey (Feb), Philadelphia Fed manufacturing survey (Feb), Import price index (Jan), Import price index minus fuel (Jan), U.S. retail sales (Jan), Retail sales minus autos (Jan), Industrial production (Jan), Capacity utilization (Jan), Home builder confidence index (Feb), Fed Gov. Christopher Waller speaks, Atlanta Fed President Raphael Bostic speaks


Friday:

Housing starts (Jan), Building permits (Jan), Producer price index (Jan), Core PPI (Jan), PPI year over year, Core PPI year over year, Fed Vice Chair for Supervision Michael Barr speaks, Consumer sentiment (prelim) (Feb), San Francisco Fed President Mary Daly speaks

 

US Futures*

S&P 5,025.17 -0.03%

DOW 38,686.70 +0.04%

NASDAQ 15,994.71

+0.02%


World Markets*

FTSE 7,587.83

+0.20%

NIKKEI 36,897.42

+0.09%

HANG SENG 15,746.58 -0.83%


*values as of 10:15am EST 2/12/2024

 

Treasuries*

2 YR 4.480%

10YR 4.175%

30 YR 4.379%


 

Cryptocurrencies*

BTC-USD

48,816.36 +1.34%

ETH.CM

2,526.23 +0.89%





Currencies*

Euro $1.0763

Pound $1.2615

Yen $149.4090


 

Commodities*

Gold 2,028.60

-0.49%

WTI Crude 76.87

+0.03%

Silver 22.75

+0.69%


Upcoming Earnings Calls

 

Monday - ANET, WM, PFG, JHX, TRMB

Tuesday - KO, SHOP, ABNB, ZTS, MCO

Wednesday - CSCO, SONY, EQIX, CME, OXY

Thursday- DE, SO, DASH, DLR, CEG

Friday - TRP, VMC, PKX, NWG, PPL



Client Focused Trading® for large institutions, pensions, hedge funds, wealthy families, and private equity for over 30 years.


Glen Eagle Wealth, LLC is a member FINRA and SIPC

This desk commentary is for informational purposes only




Carol Ann Fernandez

Rob Michel

Grier Vacek


Glen Eagle Wealth, LLC

4422C Route 27

PO Box 399

Kingston, NJ 08528

(609) 631-8231


Glen Eagle Wealth | www.gleneagleadv.com